Portugal Ventures is looking to invest up to €350,000 in Strayboots, so the American team building startup can expand in the European market.
Headed by Co-Founder and CEO Ido Rabiner, Strayboots currently offers its “Scavenger Hunts” services in just four European cities, including two in Portugal: Dublin, London, Lisbon, and Porto, according to its website.
According to Dinheiro Vivo, “The Portuguese state venture capital company [Portugal Ventures] wants to help the US startup enter the European market.”
With the investment, the team building startup is making its highest priority to expand operations in Lisbon, Porto, London, Dublin, Edinburgh, Glasgow, Liverpool, Manchester, Brighton, Birmingham, Sheffield, Leeds, Frankfurt, Hamburg, Munich, Stuttgart, Berlin, Cologne, Zurich, Basel, Geneva, and Paris.
The Portugal Ventures investment of up to €350K, “will allow us to expand the business that is already consolidated in the US, not just for the Portuguese market, but also for the whole of Europe. Our goal is to rapidly increase the footprint in strategic European markets, to make Strayboots Europe the number one company in Europe in team building services,” said Marta Gomes, CEO at Strayboots Europe via Jornal de Negocios.
Strayboots’ mobile scavenger hunts and team building activities provide corporations, students, and individuals with interactive team building experiences that are easy, fun, and unforgettable, according to its website.
The team building startup’s services are availabe in over 50 cities worldwide, and with the latest injection from Portugal Ventures, it is looking to expand even further with Strayboots Europe.
“Strayboots Europe offers an innovative format that responds to the increasing challenges that arise in organizing team building events,” said Celso Guedes de Carvalho, CEO of Portugal Ventures. “The ambition of taking this business model to 40 cities in Europe will enable us to achieve a leading position in the European market for cultural activities for companies.”
In an article in Forbes titled “Why Team Building is the Most Important Investment You’ll Make,” O2E Brands CEO Brian Scudamore writes that team building has a wealth of benefits when done correctly.
“Team building is the most important investment you can make for your people. It builds trust, mitigates conflict, encourages communication, and increases collaboration,” he writes.